The Republican. [volume] (Oakland, Md.) 1877-current, 1887-07-09
Business Barometer.


Co., in their weekly review of trade
says: The week has been one of
business for stocks but of
unusual disturbance in speculation.
Liquidation has reached the stock
market. A week ago, even while
this review was being written, shsrp
attacks began. The recovery was
rapid. but hesitation in
prices this week, Notwithstanding
very favorable reports of earnings,
indicates that the process of liquida-
ton may not in all directions have
been completed. At their lowest
stocks were down to the level of
January last, as their highest in May
had accurately corresponded with
their highest average before the break
in December.
A corner in June wheat at New
York has succeeded as completely as
the Chicago corner failed, and the
prices made have been so palpably
artificial that June delivery sold on
the last day of the month at 229 cents
above thesame grade for July. Nom
inally cash wheat fell q cents on
Friday, though the actual price for
other uses than the settlement of
speculative contracts was not above
S64c. on Thursday and S54c. OF FRI
day. The Chicago market has been
quiet with eastward shipments of
100000 bushels. crowding lakelines
to their full capacity. The exports
have been large, but the stock car
ried over to the new crop yesr will
not fall much below 50.000,000 BUSH
els in excess of the minimum. and
the crop reports are generally favor
able, though prolonged drought in
some parts of the Northwest causes
apprehension and may lessen the
yield.
From Omaha and some other points
come reports that real estate excite
ment has abated, though prices are
maintained and large sums are being
expended in building. 1t was esti-
mated some weeks ago, from returns
at New York, where the proprotion
of new buildings in five months has
been forty-one per cent to the assessed
value of real estate, that the sum
thus invested throughout the country
must be very large. Official returns
for FIVE months from thirty-five cities
of all sizes and in various parts of
the country now show that the value
of new buildings in that time was
4.12 per cent of the assessed valuation
of all real estate therein in 1880, and
the transfers of property and per-
Genital all point to gains of IA per
cent. At New York these figures
would point to an expenditure in
building of S1,3OO,OOO,0OO. If the
same activity should last through the
year, and transfers of So, 900. 900, 900 it
need not be added that reaction and
diminished activity in this direction
are to be expected.
Available has been turned into fix
ed capital, largely in railroad build.
ing, though returns disappoint those
who expect larger milage completed
this year than in 1882. So far the
milage is 500 above that of last year
to date, but about 300 miles below
the completed work to date in 1880,
1881 or 1888, and $500 below the rec
ord of 1882. May and June returns
exceeded last years but little, but the
new securities listed at the stock ex-
change this year already exceed one
hundred and thirty.two million
stock, one hundred and thtrty-three
million bonds, which in part accounts
for the hesitation in prices.
The general reports are almost
without exception satisfactory, trade
being good for the time of the year,
collections fair or better, and money
in reasonable supply at all the inter.
ior points. The disasters at Chicago
and Cincinnati seem to have had lit
tie effect elsewhere. A most encour-
aging feature is the settlement as to
wages in iron manufacturers on ten
per cent advance. and the closing of
the builders strike at Chicago, the
shoemakers strike in Massachusetts
and the ore handlers strike at Cleve-
land. The coke strike still keeps
some furnaces idle, and stocks of iron
west of the mountains are thought to
have fallen from 1914, 07S tons May LIST
to 100000 tons. An advance in Aug.
ust is hoDed for and old rails have
risen the past week. The coal output
for the half year will exceed by 1900
the largest previous output, and an
advance in prices is again predicted.
In most other branches of trade the
condition is reported satisfactory for
the season. Much anxiety continues,